ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Suppose the output and prices in an economy are given as follows:
Output of
Year
Price of
Output of medical
Price of medical
computers
computers
care
care
2020 10
$100
60
$200
2021 11
$50
70
$400
What is the value of nominal GDP in 2021? (Do not include $ or commas in your
answer.)
What is the value of real GDP in 2021, measured in
base year 2020 prices?
What is the value of real GDP in 2020, measured in
base year 2021 prices? (Do not include $ or
commas in your answer.)
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Transcribed Image Text:Suppose the output and prices in an economy are given as follows: Output of Year Price of Output of medical Price of medical computers computers care care 2020 10 $100 60 $200 2021 11 $50 70 $400 What is the value of nominal GDP in 2021? (Do not include $ or commas in your answer.) What is the value of real GDP in 2021, measured in base year 2020 prices? What is the value of real GDP in 2020, measured in base year 2021 prices? (Do not include $ or commas in your answer.)
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